Legacy Tax & Resolution Services

Ask the Crypto TaxMan: I have heard that cryptocurrency transactions are only reportable over a specific amount, is this correct?

Ask the Crypto TaxMan:  I have heard that cryptocurrency transactions are only reportable over a specific amount, is this correct? 

This is most definitely not correct!  People are getting this confused with forex (CURRENCY) trading.  In the US, there is a $200 De Minimus exclusion for gains and losses on currencies.   Remember, IRS considers cryptocurrency as PROPERTY and NOT A CURRENCY.  Therefore, any gains and losses are reportable at dollar one.  

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